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Dec 27, 2012
12/12
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payroll tax will go away almost certainly. your payroll tax is almost smaller. gerri: your first paycheck will be smaller in the new year, right? >> no question. it will try to avoid the first paycheck, and for the bush tax cuts, but there's no guarantee they can keep i that up for very long. this is a story where the checks get smaller and the economy is weaker very quickly. gerri: let's talk about entitlement programs and the impact on them. social security will have a deficit this year of $6 billion yet again. can't keep up with social security. what is the longer-term impact of what is going on on these programs? >> we really do need to have a deal on a big problem, which is the national debt larger than the economy, driven by broken entitlement programs. medicare has a huge deficit, $300 billion every year. 10,000 new beneficiaries every day. medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: th
payroll tax will go away almost certainly. your payroll tax is almost smaller. gerri: your first paycheck will be smaller in the new year, right? >> no question. it will try to avoid the first paycheck, and for the bush tax cuts, but there's no guarantee they can keep i that up for very long. this is a story where the checks get smaller and the economy is weaker very quickly. gerri: let's talk about entitlement programs and the impact on them. social security will have a deficit this year...
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Dec 24, 2012
12/12
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FBC
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is that enough to offset what could be higher taxes? >> many are concerned with taxes. a high percentage of them. i would say the fear of the unknown is probably the biggest challenge. for a franchisee, there is tremendous opportunity out there. taxes or obamacare will not influence negatively those who will do a great job opening their own business. lori: because of the political climate, you do see shifts in the types of franchises that are the most profitable. child care, senior citizen care, moving companies -- why is that? >> it will absolutely be the year of that. there are lower startup costs. they are looking at businesses that will be able to make the most money. obviously, being passionate about it is critical. at the end of the day, you will make more dollars with a service brand than anything else. lori: explain that to me in more detail why the restaurant industry is taking a back seat? >> we did not say it is taking a backseat, more savvy entrepreneurs are getting into the market now. financially, you will take a lower net percentage typically been on a se
is that enough to offset what could be higher taxes? >> many are concerned with taxes. a high percentage of them. i would say the fear of the unknown is probably the biggest challenge. for a franchisee, there is tremendous opportunity out there. taxes or obamacare will not influence negatively those who will do a great job opening their own business. lori: because of the political climate, you do see shifts in the types of franchises that are the most profitable. child care, senior...
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Jan 1, 2013
01/13
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WTTG
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eye 85
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but payroll taxes are going up. vice president joe biden who negotiated the deal with mitch mcconnel also on the hill trying to get support from house democrats. and the political rangling is far from over no matter how this deal turns out both sides headed for a major clash by the end of february over whether or not to raise the nation's debt ceiling. ed henry, fox news. >> fox 5 political analyst to join us now. mark, seems like it's hurting cats in the house these days with the republicans. >> this is really the major dilemma, will erik canter and john boehner which is outlet of the picture, it's up to canter to whip republicans. and also what was mentioned no amendments. i thought they'd go to the floor with a rule which means no amendments. you rule up or down like they did in the senate. if they can't do that, back to square one. >> republicans in the house have said at least the vast majority of them don't want to vote for any tax hikes. but how can they vote for a bill that has no spending cuts? >> as mitch
but payroll taxes are going up. vice president joe biden who negotiated the deal with mitch mcconnel also on the hill trying to get support from house democrats. and the political rangling is far from over no matter how this deal turns out both sides headed for a major clash by the end of february over whether or not to raise the nation's debt ceiling. ed henry, fox news. >> fox 5 political analyst to join us now. mark, seems like it's hurting cats in the house these days with the...
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Dec 24, 2012
12/12
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because they know that we don't want to increase taxes. so i do think everyone coming toe, and it's going to take everyone, the president, the vice president, the house and sena senate. >>> are you saying there's several dozen that did not support plan b, they were not looking at this practically? >>> i agree with them. however, we're at a point where we will not get what we think is right for our economic and country, because we don't control government. so we've got to work within the system we have. i think 250,000 as a threshold is way too low. we can't do that to people who have a lot of expenses. we need to up that amount that president obama wants to raise taxes on. >> he was putting it at 400,000 senator, i want to move to the issue of guns. we heard what ray lapierre said earlier. he was singling out one of your colleagues. i want you to listen to part of his interview. >> you could ban all diane fine stein, done whatever you said to. she had insure bean and columbine occurred. >> is the revival of that ban, is that going to pass?
because they know that we don't want to increase taxes. so i do think everyone coming toe, and it's going to take everyone, the president, the vice president, the house and sena senate. >>> are you saying there's several dozen that did not support plan b, they were not looking at this practically? >>> i agree with them. however, we're at a point where we will not get what we think is right for our economic and country, because we don't control government. so we've got to work...
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Jan 1, 2013
01/13
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CNNW
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the estate tax will remain tax free, the first $5 million of anyone's estate will be tax free in terms of the exceptions for the individual, the cap is expected to be index to inflation, so it will increase that $5 million every year according to inflation. finally, that so called doc fix, for doctors who accept medicare patients, that will go into effect. it will continue, it will not be paid for by the affordable care act. lots to dissect as we await final word from the democrats and the republicans. i want to go back to dana bash. dana, we know reid is on board, nancy pelosi is on board. mitch mcconnell, has he definitely signed off to this deal? >> yes. he actually was an early signer of the deal. because he, of course, was the point person on the republican side. i should say, i said yes pretty definitively. behind me, you see a gaggle of reporters, and he's probably going to be mad at me for doing this, but that's mitch mcconnell's spokes person talking to people about what's going on. hopefully i won't be proven wrong, but it's hard to believe i will. mitch mcconnell wient to th
the estate tax will remain tax free, the first $5 million of anyone's estate will be tax free in terms of the exceptions for the individual, the cap is expected to be index to inflation, so it will increase that $5 million every year according to inflation. finally, that so called doc fix, for doctors who accept medicare patients, that will go into effect. it will continue, it will not be paid for by the affordable care act. lots to dissect as we await final word from the democrats and the...
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Dec 27, 2012
12/12
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FBC
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adam: tax it. >> tax it. adam: sound like t scene in casablanca where the inspector says, i'm shock, shocked, to find out about gambling in this establishment. and ear here is your winning. >> it is hypocritical. adam: what do you think happens. >> at the end of the day supreme court will decide this. if the federal government wants to intervene my guess it goes to the supreme court and they have to decide under the constitutionan you allow something in nevada and not allow it in new jersey if the people in new jersey voted for it? basically there was a referendum in new jersey and that was approved by two to one where the people said, yes we want sports betting. so. adam: they allow some things in nevada not appropriate for family hour that i don't think people in new jersey want but we won't go there. last word on this this won't happen anytime soon. how many years out are we talking? >> i think you're probably right altugh it is possible. monmouth park is talking about getting started and waiting to see wh
adam: tax it. >> tax it. adam: sound like t scene in casablanca where the inspector says, i'm shock, shocked, to find out about gambling in this establishment. and ear here is your winning. >> it is hypocritical. adam: what do you think happens. >> at the end of the day supreme court will decide this. if the federal government wants to intervene my guess it goes to the supreme court and they have to decide under the constitutionan you allow something in nevada and not allow it...
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Jan 1, 2013
01/13
by
WBAL
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its bears the middle class a tax hike, but raises taxes on those making over $400,000 a year. there are massive cuts to the military and other federal agencies delayed for two months. democrats want a chance to vote on the bill. >> our speaker said when the senate backs, we will avoid -- we will have a vote and neihaus. that is what we expect. that is what the american people deserve. >> to forge a constructive solution for the good of the nation. >> with an opening prayer appealing for compromise, the house went into session at 9. >> this present plant with another $1 trillion of debt on the american people. >> some democrats support it plan to prevent more financial instability. >> my district cannot afford for the stock market to go down another 300 points if we cannot do something. >> without a deal going to be president, income taxes will rise for almost every american. gop leader eric cantor has broken with house speaker john boehner. house democrats say they are waiting to hear from a republican colleagues. they believe this is a solid, bipartisan deal. >> for the first
its bears the middle class a tax hike, but raises taxes on those making over $400,000 a year. there are massive cuts to the military and other federal agencies delayed for two months. democrats want a chance to vote on the bill. >> our speaker said when the senate backs, we will avoid -- we will have a vote and neihaus. that is what we expect. that is what the american people deserve. >> to forge a constructive solution for the good of the nation. >> with an opening prayer...
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Dec 30, 2012
12/12
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CNNW
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the tax policy center has a tax calculator. so it allows you to estimate how your family could be affected. josh levs is here in atlanta breaking down the different scenarios. the only thing you can't say is i'm going to start a drinking game. don't say kick the can down the road. jifs not going to use that phrase. i have been covering this at cnn.com and doing everything i can to avoid saying things like that. the figure a lot of people know if you know any figure is $2,000 because president obama says it a lot. the average family will end up spending $2,000 more if the fiscal cliff is not averted. let me show you something. you can find out how it would impact you directly by using this. there's a lot of numbers you have to plug in to make sense of it. obviously it can't be exact, it can't be precise, it can't predict the future, but i want to show you some examples we have pulled out. let's go to the graphic here that has a few of the examples we're showing you here. it would take, for example, this scenario, married with no
the tax policy center has a tax calculator. so it allows you to estimate how your family could be affected. josh levs is here in atlanta breaking down the different scenarios. the only thing you can't say is i'm going to start a drinking game. don't say kick the can down the road. jifs not going to use that phrase. i have been covering this at cnn.com and doing everything i can to avoid saying things like that. the figure a lot of people know if you know any figure is $2,000 because president...
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Jan 1, 2013
01/13
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WUSA
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. >>> legislation to keep taxes from going up across the board is headed to the house of representatives. the senate approved an agreement early this morning. house speaker john boehner has not endorsed that agreement but he has promised a vote or g.o.p. alternative right away. danielle nottingham has more. >> reporter: house speaker john boehner is promising a quick vote on the fiscal cliff bill passed early this morning in the senate or an amended alternative. baner has not endorse -- boehner has not endorsed the agreement which may face opposition from conservative lawmakers in the house. vice president joe biden negotiated a deal with senate republicans over the weekend. the agreement makes bush era tax cuts permanent for individuals making under $400,000 a year and families making under $450,000. it also postpones harsh across- the-board spending cuts for a few months. >> this shouldn't be itself model for how we do -- be the model for how we do things around here but i think we can say we've done some good for the country. >> families will make up today to the assurances their taxe
. >>> legislation to keep taxes from going up across the board is headed to the house of representatives. the senate approved an agreement early this morning. house speaker john boehner has not endorsed that agreement but he has promised a vote or g.o.p. alternative right away. danielle nottingham has more. >> reporter: house speaker john boehner is promising a quick vote on the fiscal cliff bill passed early this morning in the senate or an amended alternative. baner has not...
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Jan 1, 2013
01/13
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CNNW
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he insists on raising taxes. it's really his intransigence that endangered the 99%. >> the president is saying he's now willing to do what the republicans asked in 2001, 2003, make the bush tax cuts permanent. he's saying yes, the democrats have agreed. they say they will be permanent. no tax increases for 99%, for people making under $450,000 a year. those will be permanent tax cuts. you support that, but because 1% are going to have to pay a little more, they're going to go from 35% to 39.6% if you're making more than $450,000 a year, you're willing to see all those millions of middle class families suffer. >> actually, if it were only that bill, just protecting the 99%, well, i want to protect 100%. i would vote for a bill that protected 99%. heck, i'd probably vote for a bill that protected 80% because i want to protect anybody from big government, but the thing is it's not just that. they're heaping on new spending. not only are they raising taxes, maybe on a small percentage of people, but a large amount of
he insists on raising taxes. it's really his intransigence that endangered the 99%. >> the president is saying he's now willing to do what the republicans asked in 2001, 2003, make the bush tax cuts permanent. he's saying yes, the democrats have agreed. they say they will be permanent. no tax increases for 99%, for people making under $450,000 a year. those will be permanent tax cuts. you support that, but because 1% are going to have to pay a little more, they're going to go from 35% to...
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Dec 30, 2012
12/12
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CNNW
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we are talking about every american's tax rates who pays taxes, talking about the extension of unemployment, the estate tax this has more elements in it than most things do i think at the end of the day, you know, in the senate now, i think the senate will come to some sort of arrangement, they will push it over here and then i think the house will be the decisive arena, a lot will depend, obviously, on what the senate agrees to >> isn't that the question what will happen in the house? i don't think we have a concern, maybe i shouldn't stay quite that way, the house seems to be the clear focus on whether or not republicans can muster the votes needed. what is going to happen? >> a lot depends on the nature of the agree weren't, remember on the speakers a plan b, he had over 200 republican votes are, it is not as if he doesn't have an awfully strong hand to play. if it's a deal that john boehner can accept, then frankly, i think it will be passed in a bipartisan manner with a very strong majority. if, on the other hand, he is either neutral or not favorable, then his chances are going to be
we are talking about every american's tax rates who pays taxes, talking about the extension of unemployment, the estate tax this has more elements in it than most things do i think at the end of the day, you know, in the senate now, i think the senate will come to some sort of arrangement, they will push it over here and then i think the house will be the decisive arena, a lot will depend, obviously, on what the senate agrees to >> isn't that the question what will happen in the house? i...
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Dec 27, 2012
12/12
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CNBC
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tax patch purpose and those are xhenkful. i'll still hike to see more spending cuts. >> what does the president need to do to get you to virtually come to the people and vote yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense, sir, there is a period of compromise, where nobody was talking and everybody was holding the ground firmly? do you have a greater sense of comp moise as we into -- the speaker said the president didn't next any dale or the compromise so i ge he'll take that up in the shat, hopefully vote for it. >> part part of the problem last week was the conservative wing of the party that i put you in for plan "b," and it was seening a something of a mutiny against john boehner at that point. so i'ming what is do you feel the support think of wing of the part i
tax patch purpose and those are xhenkful. i'll still hike to see more spending cuts. >> what does the president need to do to get you to virtually come to the people and vote yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense,...
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Dec 28, 2012
12/12
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MSNBCW
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people are not proposing making the taxes like them. john boehner could not even pass the tax proposal he passed over there. he said no, can't do that. didn't he bring it up for a vote? >> tonight, speaker boehner's office put out this statement. >> joining me now are our guests. clearly the positioning game continues. harry reid saying we did our job months ago. do you think we til would posturing stage at the end of that white house meeting tomorrow? >> in your introduction you made the fundamental point here which is that this agreement before the end of the year, simply cannot go forward unless john by nor is willing to let it do so with majority democrats in the house. if we go over the curve as you put it, they can vote for a large tax decrease becaused off of the new rates that would be reset. they can say we votes to cut taxes for 98% of households. but it is the only scenario that i cap see out there in the near term. >> the building that read has passed. let's lis ep to what mitch mcconnell said about that? >> the senate bill
people are not proposing making the taxes like them. john boehner could not even pass the tax proposal he passed over there. he said no, can't do that. didn't he bring it up for a vote? >> tonight, speaker boehner's office put out this statement. >> joining me now are our guests. clearly the positioning game continues. harry reid saying we did our job months ago. do you think we til would posturing stage at the end of that white house meeting tomorrow? >> in your introduction...
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Dec 28, 2012
12/12
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and the estate tax. and what's essentially happening here and a door open here, democrats leave the door open and expect mcconnell to make a counter offer, whatever the case may be, democrats run the place saying to mitch mcconnell, hey, if we jump off of this bridge, cliff, as it were, we're going to hold hands with you and not only bring along some republicans jumping off this cliff here but you have to make sure that john boehner comes along, too, and put something on the floor that's not going to get the majority of the majority republicans in the house of represent evs. that is the predicate, that is the condition in the senate. no one believes that john boehner will take that leap holding the hands of harry reid or mitch mcconnell, for that matter. the preponderance of opinion, the overwhelming belief and suspicion, however you want to phrase it, here in the capitol and downtown on k street is going over the cliff. only question now is how many days to extend past january 1st before they come back
and the estate tax. and what's essentially happening here and a door open here, democrats leave the door open and expect mcconnell to make a counter offer, whatever the case may be, democrats run the place saying to mitch mcconnell, hey, if we jump off of this bridge, cliff, as it were, we're going to hold hands with you and not only bring along some republicans jumping off this cliff here but you have to make sure that john boehner comes along, too, and put something on the floor that's not...
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Dec 24, 2012
12/12
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MSNBCW
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the tax policy center. the annual income from somebody in the $50,000 to $75,000, about a $2,400 increase. jumping ahead to $100,000 to $200,000, the average tax increase, $6,600. tacking at that great divide of the wealthy, over $250,000, at least a $11,000 tax hike. over $1 million, more than $254,000. >> hampton, looking at that number, that's for those americans working right now. there are still struggling americans, millions looking for work and what's the fiscal cliff mean for them? >> reporter: okay. we have unemployment at 7.7% last month and mainly went down because people gave up looking for work and jdropped out of th job market and out of work six months or longer. 4.8 million americans, they're the folks worried the most about unemployment benefits not extended after the first of the year. >> as we look at that number, that's staggering for so many. we have a "the washington post" poll that indicates 74% of americans support raising taxes on the top earners in this country. with that support t
the tax policy center. the annual income from somebody in the $50,000 to $75,000, about a $2,400 increase. jumping ahead to $100,000 to $200,000, the average tax increase, $6,600. tacking at that great divide of the wealthy, over $250,000, at least a $11,000 tax hike. over $1 million, more than $254,000. >> hampton, looking at that number, that's for those americans working right now. there are still struggling americans, millions looking for work and what's the fiscal cliff mean for...
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Dec 31, 2012
12/12
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CNNW
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the other place is the estate tax. the estate tax is scheduled to rise by quite a bit at the stroke of midnight tomorrow night. republicans want to keep it low, democrats want it to go up a little bit. there's room for compromise there. and so, you know, it's not just marginal rates that are going up, there's a series of taxes that they're going to change. the thing that could not be settled today was this change cpi. essentially a benefit cut for social security recipients. that led to a breakdown in negotiations today, because republicans wanted those benefit cuts to social security. and democrats said no way. and that was the sticking point and that's when this thing moved from the senate over to biden and mcconnell where it is and will be overnight. we're not going to know until tomorrow morning if they come up with something. >> yes, and the senate went home, obviously. here's my question. i know we're americans, we're very myopic, we like to think everything is just about us here. this isn't just about americans,
the other place is the estate tax. the estate tax is scheduled to rise by quite a bit at the stroke of midnight tomorrow night. republicans want to keep it low, democrats want it to go up a little bit. there's room for compromise there. and so, you know, it's not just marginal rates that are going up, there's a series of taxes that they're going to change. the thing that could not be settled today was this change cpi. essentially a benefit cut for social security recipients. that led to a...
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Dec 28, 2012
12/12
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CNBC
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we don't love raising taxes. the facts is, if you're serious about this debt, if you're serious about deficit reduction, we have to be able to both get some new revenue. asking millionaires to pay a little bit more in marginal rates. we have to get serious about how we're going to do spending cuts in the right way. republicans have said department of defense shouldn't be on the table. we shouldn't demand more of the 50 seat accountability from across government. we are putting spending cuts on the table and investing for economic growth on the table. we need to stop having a discussion about who the bad guy is and start getting serious about getting this done. >> good luck on sunday night. we're all looking forward to seeing what you guys get done on sunday night when you're back in session. it's good to have you on. we have a market flash. >>> michelle, want to take a check on the share of facebook today. reversing some of the losses on reports that ichb stay gram had lost 25% of its users since it changed its s
we don't love raising taxes. the facts is, if you're serious about this debt, if you're serious about deficit reduction, we have to be able to both get some new revenue. asking millionaires to pay a little bit more in marginal rates. we have to get serious about how we're going to do spending cuts in the right way. republicans have said department of defense shouldn't be on the table. we shouldn't demand more of the 50 seat accountability from across government. we are putting spending cuts on...
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Dec 27, 2012
12/12
by
WBAL
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eye 67
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they will be cutting taxes instead of voting to raise taxes. it is a small distinction, but an important one for some republicans. >> president obama spoke to congressional leaders before he left hawaii by phone yesterday. senator mcconnell says he would be happy to look for to any proposal from the president. >> economists have warned that failure to address the fiscal cliff could send our country back into recession. maryland live! casino now open 24-7. before they closed at 2:00 a.m. and 4:00 a.m. on friday and saturday. but this morning the anne arundel location , that stores for the very last time. >> they unlocked at 8:00 and there was a waiting line to get in. this is all early buzz for the 24-hour operation. before now, the casino had to close its doors, but not any more. and adult beverages here are now sold around-the-clock. >> 24 hours a day -- all day long, all night long, all year long. we are pretty excited about that. >> i think it is great. it will bring more revenue into the stage. i think it is win-win. >> i think it is great.
they will be cutting taxes instead of voting to raise taxes. it is a small distinction, but an important one for some republicans. >> president obama spoke to congressional leaders before he left hawaii by phone yesterday. senator mcconnell says he would be happy to look for to any proposal from the president. >> economists have warned that failure to address the fiscal cliff could send our country back into recession. maryland live! casino now open 24-7. before they closed at 2:00...
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Jan 1, 2013
01/13
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CNNW
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and compromise on the estate tax. a republican win on the estate tax. is that food enough for you to accept, even though you don't want to raise taxes? >> although, two points, the estate tax is better than going back to a million dollar exclusi exclusion, 55%, tax rate or anything above that there shouldn't be any tacks on death. it shouldn't be a taxable event. regarding theation on people making above $400,000. go back to 1993, the clinton era tax rates which the democrats want. $250,000 then taxed at 39 mt 6% is the equivalent of $398,000 tow with according to a labor statistic bureau and regular inflation. it's not that great of a deal i don't think as it goes and it's taxing and still taxing small business men and women, and i don't like that at all. >> representative gingrich, ali velshi, happy new year to you, sir. i want to talk to something that played out yesterday. you were a tough primary in the past and that was when you first signed the norquist pledge. am i right? >> that's right. absolutely. >> and grover norquist seems to have approved
and compromise on the estate tax. a republican win on the estate tax. is that food enough for you to accept, even though you don't want to raise taxes? >> although, two points, the estate tax is better than going back to a million dollar exclusi exclusion, 55%, tax rate or anything above that there shouldn't be any tacks on death. it shouldn't be a taxable event. regarding theation on people making above $400,000. go back to 1993, the clinton era tax rates which the democrats want....
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Dec 27, 2012
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all the bush tax cuts expire, the payroll tax cuts expire. doctors participating in medicare, see their reimbursements cut by more than 25%. good luck getting a doctor then. more than a trillion dollars in spending cuts are triggered. the economy probably falls back into recession, and merry christmas and happy new year from washington to you, the american people. this basket of problems is what washington calls the fiscal cliff. you've been hearing for months now about the cliff crisis. you've heard a lot about whether or not it will matter, you've heard about the offers and the counteroffers president obama and house speaker john boehner put on the table. if you live in the game area, you're going to be reading about the cliff whether you like it or not. we at starbucks have an opportunity and i believe a responsibility to use our company's scale for good, by sending a respectful and optimistic message to our officials to come together and reach important ground. this week, through december 28th, partners at our washington, d.c., area store
all the bush tax cuts expire, the payroll tax cuts expire. doctors participating in medicare, see their reimbursements cut by more than 25%. good luck getting a doctor then. more than a trillion dollars in spending cuts are triggered. the economy probably falls back into recession, and merry christmas and happy new year from washington to you, the american people. this basket of problems is what washington calls the fiscal cliff. you've been hearing for months now about the cliff crisis. you've...
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Dec 31, 2012
12/12
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tax code. that's just one of the thorny issues facing lawmakers' last ditch efforts to avoid going over the fiscal cliff, but there's this other thing happening, the debt ceiling. let's go to jean standing by in new york. i don't think she ever leaves the place. she's a senior writer for cnnmoney.com. the debt ceiling, $16.4 trillion. that's the united states' borrowing limit. that's actually the thing that got us into this ridiculous pickle in the first place. you remember that night in august of 2011 when we were battling about the debt ceiling. they couldn't make a deal and so they pushed it off to today, to tomorrow. we're going to hit the debt ceiling again tomorrow. the treasury can probably find $200 billion through what they call extraordinary measures which is sort of shifting things around a bit. but at some point in the next month, this is going to be a big problem. we're not really dealing with this, are we? >> oh, my god, no. we're not even coming close to it. we will basically hav
tax code. that's just one of the thorny issues facing lawmakers' last ditch efforts to avoid going over the fiscal cliff, but there's this other thing happening, the debt ceiling. let's go to jean standing by in new york. i don't think she ever leaves the place. she's a senior writer for cnnmoney.com. the debt ceiling, $16.4 trillion. that's the united states' borrowing limit. that's actually the thing that got us into this ridiculous pickle in the first place. you remember that night in august...
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Dec 28, 2012
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estate tax goes to 50%. obamacare taxes for many individuals will be .9% on those earning over $200,000. that's another full percentage point. also we have a penalty tax will be imposed on the individuals. and also some employers. then on top of that we have, as kerry mention the, the alternative minimum tax patch. so we have five huge consequences right out of the box. you cover the economy every day. what does that mean to you and how does that affect the average person that will watch this go through? >> a lot of people entered the new year thinking i can't wait to file my taxes so i can get my tax return check. here is the irony and we will start from the bottom of the list. amt is my favorite thing to talk about because it's also known as the wealth tax. it was created 43 years ago because evil, greedy people were not paying their quote, unquote, fair share. this time it could affect $34 million people starting at $74,000. why? it was never indexed for inflation. it was one of these taxes put into plate
estate tax goes to 50%. obamacare taxes for many individuals will be .9% on those earning over $200,000. that's another full percentage point. also we have a penalty tax will be imposed on the individuals. and also some employers. then on top of that we have, as kerry mention the, the alternative minimum tax patch. so we have five huge consequences right out of the box. you cover the economy every day. what does that mean to you and how does that affect the average person that will watch this...
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. >> if you're making $900,000 somehow he thinks you can't afford to pay a little more in taxes. >> here we are once again at the end of the year staring at a crisis we should have dealt with. >> the house of representatives is operating with dictatorship of the speaker. >> we can iron out our differences. >> republicans have bent over backwards. we stepped way, way out of our comfort zone. >> john boehner seems to care more about keeping his speakership. >> it is very hard for them to say yes to me. take me out of it. and think about their voters. >> he can be responsible for the largest tax increase in american history. ♪ we could have had it all ♪ rolling in the deep >> we start at the white house where at this very moment all four republican and democratic congressional leaders are meeting with the president, the vice president, and the treasury secretary trying to hammer out a fiscal cliff deal. the meeting began about an hour ago in what could be the final face-to-face meeting between the president and lawmakers of both parties before monday's midnight deadline. the house is sc
. >> if you're making $900,000 somehow he thinks you can't afford to pay a little more in taxes. >> here we are once again at the end of the year staring at a crisis we should have dealt with. >> the house of representatives is operating with dictatorship of the speaker. >> we can iron out our differences. >> republicans have bent over backwards. we stepped way, way out of our comfort zone. >> john boehner seems to care more about keeping his speakership....
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cliff negotiations go now especially after the after the nation learned last week that any sort of tax increase at all even on millionaires can't get enough republican support in the house of representatives to pass. the tea party might have helped progressives dodge a bullet when it comes to president obama's social security cuts but it's getting clearer and clearer that they are not interested in governing and could care less about what sort of economic damage the nation may suffer from if we do go over the fiscal cliff or if a few weeks from now they hold the debt limit hostage again given that we've seen president obama and congressional democrats sacrifice their most cherished principles in these fiscal cliff talks is there anything that republicans in the house would be willing to sign off on that doesn't screw the middle class over well let's ask neil mckay he's the senior reporter at human events online in the editor of the guns and patriots column neil welcome back to the show first of all i am not for screwing the middle class and both that wonderful intro well said we'll see
cliff negotiations go now especially after the after the nation learned last week that any sort of tax increase at all even on millionaires can't get enough republican support in the house of representatives to pass. the tea party might have helped progressives dodge a bullet when it comes to president obama's social security cuts but it's getting clearer and clearer that they are not interested in governing and could care less about what sort of economic damage the nation may suffer from if we...
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Dec 28, 2012
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taxpayers whose taxes would go up on average $3,500 a year. many americans are frustrated the showdown has gone down to the last-minute. >> they're playing games with people's lives. and i don't mean that's correct. >> it's just unfortunate that at this point, the two sides can't come together because it's been like that for the last four or five years. >> reporter: two million americans will also lose jobless benefits on saturday if a deal isn't reached. and the nation's borrowing limits to finance our $16 trillion debt will also be reached on monday. danielle nottingham, cbs news, washington. >>> three new jersey police officers were shot and their police station this morning. the shooter domestic assault suspect got a gun and started firing. it happened in the township in camden county east of philadelphia. the gunman was shot and killed. the wounded officers are expected to recover. >>> also the second time this month, someone has been pushed to their death on new york's subway tracks. the nypd says that it was a woman who pushed the male
taxpayers whose taxes would go up on average $3,500 a year. many americans are frustrated the showdown has gone down to the last-minute. >> they're playing games with people's lives. and i don't mean that's correct. >> it's just unfortunate that at this point, the two sides can't come together because it's been like that for the last four or five years. >> reporter: two million americans will also lose jobless benefits on saturday if a deal isn't reached. and the nation's...
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Dec 29, 2012
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>> i think raising the capital gains tax, raising the dividend tax, raising the estate tax, raising taxes on small businesses, is a disaster for the economy, it's too fragile. >> that's not true at all. all the research shows that actually the economic activity is not that sensitive to tax rates at the top of the income distribution -- >> that's not true, it's the opposite. >> i'm sorry -- >>> the economy's highly sensitive, that's why countries around the world have been cutting their tax rates. >> we grew faster when we had higher tax rates. >> let's just do it another reality check on this. which is that, whether we go over the cliff or have a scaled-down deal, we've got two things looming, a debt ceiling in probably two months which republicans will no doubt use as leverage. we still don't have a grand bargain that deals with deficit and debt by taking on tax reform and entitlement reform. what rational reason, stephen, first you, should we have that that other kick the can to another situation we're about to go off a cliff would produce any different result from a new congress? >> i'
>> i think raising the capital gains tax, raising the dividend tax, raising the estate tax, raising taxes on small businesses, is a disaster for the economy, it's too fragile. >> that's not true at all. all the research shows that actually the economic activity is not that sensitive to tax rates at the top of the income distribution -- >> that's not true, it's the opposite. >> i'm sorry -- >>> the economy's highly sensitive, that's why countries around the world...
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Dec 28, 2012
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tax bills -- and this is going to fundamentally be a tax bill when we pass it. they have to begin in the house of representatives. they can't originate in the white house. the president can't write legislation or pass it himself. the founders would have been shocked to hear congressional leaders talking this way. but put that aside. mcconnell basically said to reid i can't help on this one. how did harry reid respond? this way. >> speaker boehner should call members of the house back to washington today. he shouldn't have let them go, in fact. they're not here. they are not here. john boehner seems to care more about keeping his speakership than about keeping the nation on firm financial footing. >> right. so that's pretty much where we are now. boehner's out, mcconnell's out. reid says it's up to boehner, white house can't get boehner to talk to them. it's kind of a mess, senator schatz. and it is now part of your party. so what is the next move? there is late news tonight that president obama will convene a meeting of congressional leaders at the white house t
tax bills -- and this is going to fundamentally be a tax bill when we pass it. they have to begin in the house of representatives. they can't originate in the white house. the president can't write legislation or pass it himself. the founders would have been shocked to hear congressional leaders talking this way. but put that aside. mcconnell basically said to reid i can't help on this one. how did harry reid respond? this way. >> speaker boehner should call members of the house back to...
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Jan 1, 2013
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tax holiday. a person earning $50,000 is going to pay $800 more by virtue of the fact that expires. what you have really here now it seems to me is erik canter, the number 2 guy trying to make the number one guy in his own party john boehner look bad or maybe this is his attempt to run for speaker when the new congress comes into affect thursday at noon where they have an election. i mean, baner said let's hand it over to the senate and the assumption was we all do what the senate comes up with. obviously, there's been a breakdown in communication. >> there's this thought going back to the election, the republicans are blindsided by how badly mitt romney was beaten and see this going on in the republican party itself. is this more than example of what's going on in the republican party? or is this an example of how things are going? >> well, yes, the democrats, if this falls apart and there is no vote in the house and it goes over to the next congress where they have to start over again and the ma
tax holiday. a person earning $50,000 is going to pay $800 more by virtue of the fact that expires. what you have really here now it seems to me is erik canter, the number 2 guy trying to make the number one guy in his own party john boehner look bad or maybe this is his attempt to run for speaker when the new congress comes into affect thursday at noon where they have an election. i mean, baner said let's hand it over to the senate and the assumption was we all do what the senate comes up...
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Dec 24, 2012
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you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what emily etherege writes. she says it is almost certain that social security will be part of the deal. continued murkiness has groups concerned. democrats are critical of the president putting this issue on the table. republicans say it has to be. guest: despite the conversations about the grand bargain, it was never going to happen, there had not been enough preparation. one of my predictions from my column in 2012 was predictions for next year. what i am telling everybody is we are not going to get a big tax reform package next year because it takes two years to enact. without that, we will not get mandatory spending changes. that means the grand bargain is two years off. it cannot be part of the fis
you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what emily etherege writes. she says it is almost certain that social security will be part of the deal. continued murkiness has...
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they don't like the tax penalty for it. would you give them a tax holiday? you have to put it to use and do something? >> they tried that n 2004 and th brought back hundreds of villains. they put the murders and bonuses and what we have to do is recognize the president obama is not an economic dictator. the federal reserve can bring interest industry rates much lower. so we ha to go to these two other areas are overwlming support of inflation adjusted minimum wage. >> i'm not alone in an environment like this, how are you going to compel businesses, fast food joints and the rest, but it's in there interestto raise the rates when they are barely getting by as it is just as henry ford did back before world war i to $5. he said he wanted people to buy the cards. that's what you got to do. neil: so what about substance of the country where they have jobs with $10 an hour. were people really aren't jumping on these jobs. where we have a country where help wanted advertising is at an all-time ig. a lot of people, for whatever reason, it are having trouble with wor
they don't like the tax penalty for it. would you give them a tax holiday? you have to put it to use and do something? >> they tried that n 2004 and th brought back hundreds of villains. they put the murders and bonuses and what we have to do is recognize the president obama is not an economic dictator. the federal reserve can bring interest industry rates much lower. so we ha to go to these two other areas are overwlming support of inflation adjusted minimum wage. >> i'm not alone...
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Dec 29, 2012
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raised the capital gains tax, the top marginal tax rates, but also tax increases distract from what the country needs to do. we need to deal with our runaway government spending. the government is spending too much money. tax increases are not part of cutting the budget. tax increases are what politicians do instead of reform the government. as long as tax increases are on the table, the politicians never even think about reforming government. >> and i understand. you have been on this fight for a long time and you've been devoted to the whole idea of not seeing taxes increase anywhere. but what we're down to right now is largely a political battle over the increase in marginal tax rates based on what you earn. i understand there's a lot more to this puzzle, but on that front, because that's the one that gets most of the ink around here, whether people who earn more than $250,000 or $400,000 or $1 million should may-pay more tax. the point is that's not going to hurt the economy. that's all we're talking about. paying 4.6%, 8 points higher on your income over $250,000, empirically t
raised the capital gains tax, the top marginal tax rates, but also tax increases distract from what the country needs to do. we need to deal with our runaway government spending. the government is spending too much money. tax increases are not part of cutting the budget. tax increases are what politicians do instead of reform the government. as long as tax increases are on the table, the politicians never even think about reforming government. >> and i understand. you have been on this...
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Dec 26, 2012
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everybody's taxes would go up. you won't feel that immediately with most of these things, but with unemployment insurance and others, you will. there will be a grass roots feeling among americans. if you look at the polls, republicans will get blamed. they themselves are wary of this. that's why democrats would politically feel inclined to go over the cliff. there will be so much on republicans, this might be the only way they agree to raise taxes. >> not to mention in the next senate too. 55 democrats and four seats in the house. >> quickly for both of you, we covered this today. i'm surprised by the lack of urgency. does that surprise you as well? >> this is not the debt ceiling. say we are working through the weekends and training mcconnell and biden on the phone and the president involved. really to take christmas off facing the fiscal cliff in a week shows how little optimism there is. >> i completely agree. we spent many late nights in the capital and is it doesn't seem like that is going to happen. >> amazin
everybody's taxes would go up. you won't feel that immediately with most of these things, but with unemployment insurance and others, you will. there will be a grass roots feeling among americans. if you look at the polls, republicans will get blamed. they themselves are wary of this. that's why democrats would politically feel inclined to go over the cliff. there will be so much on republicans, this might be the only way they agree to raise taxes. >> not to mention in the next senate...
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Dec 27, 2012
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harry reid's plan will avoid tax creases for -- tax increases for people making too large and $50,000. >> you will see a two-step process here, one with the media dynamic so you can set up a situation where you can deal with a larger situation. >> without a deal, bush-era tax cuts will expire january 1 and spending cuts will set in. counters -- congress has set a deadline but so far that has backfired. now there is a new warning from the treasury secretary that this country is about to hit its debt limit and needs to act fast. in washington, danielle leigh, nbc news. >> as we head to the new year, a number of new laws are set to effect here in maryland. one allowing gay couples to marry as of january 1. another new law states baltimore city elections will be held on the same cycle as the presidential election, meaning officials will get an extra year in office. as of january 1, a parent or guardian will have the right to free credit reports to protect kids and disabled adults from identity theft. it is hoped it will protect foster children, who are especially vulnerable. >> we are hop
harry reid's plan will avoid tax creases for -- tax increases for people making too large and $50,000. >> you will see a two-step process here, one with the media dynamic so you can set up a situation where you can deal with a larger situation. >> without a deal, bush-era tax cuts will expire january 1 and spending cuts will set in. counters -- congress has set a deadline but so far that has backfired. now there is a new warning from the treasury secretary that this country is about...
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Jan 1, 2013
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the sales tax increased by one quarter of 1% all because of prop 30. it increased the sales tax rate to 7.5%, one-cent one cent for every $4 you spend. >> it's going to add up. we spend a lot especially for young kids. i'm only 21 and i spend money like it's nothing. >> well, some local cities have even higher taxes. you see them here in the bay area, taxes in el cerrito and union city alone are at 9.5%. >>> it turns out that the health of the economy could actually influence whether a child picks up unhealthy habits. scientists at the state university of new york found children who grow up when unemployment rates are high are more likely to drink, smoke and use marijuana in their teens. researchers want doctors to consider their study when dealing with children born during this most recent recession. >>> and if you partied too hard last night you might want to buy some asparagus. we have sign it is in korea who apparently analyzed the vegetable's chemical compounds and believe that the amino acids and minerals in asparagus can replenish the body to re
the sales tax increased by one quarter of 1% all because of prop 30. it increased the sales tax rate to 7.5%, one-cent one cent for every $4 you spend. >> it's going to add up. we spend a lot especially for young kids. i'm only 21 and i spend money like it's nothing. >> well, some local cities have even higher taxes. you see them here in the bay area, taxes in el cerrito and union city alone are at 9.5%. >>> it turns out that the health of the economy could actually...
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the american people have spoken. >> if there is no deal income tax cuts and payroll tax cuts are scheduled to expire at the end of the year. 2 million jobless americans lose their unemployment benefits. the president and congress impressional leaders from both parties are scheduled to meat at the white house at 3:00 tomorrow to try to find some way out of this mess. they have met at the white house before to try to find some way out of this mess, and every single time they did that, they did not find a way out of this mess. if past is prologue, derek, get out your wallet. >> well, gary, as the mess, as you describe it, looms closer and closer, what do you really want to know about this fiscal cliff? join us tomorrow for 9news at 5:00. we'll have an expert here to begin to answer your questions which, of course, are more and more relevant. >>> after a hyattsville man tried to take his own life, a calm and cool 911 dispatcher, a mother's prayer on facebook and the power of love and friendship seemed to reach out and save him. tonight, david dawson wants to help others what may be considering
the american people have spoken. >> if there is no deal income tax cuts and payroll tax cuts are scheduled to expire at the end of the year. 2 million jobless americans lose their unemployment benefits. the president and congress impressional leaders from both parties are scheduled to meat at the white house at 3:00 tomorrow to try to find some way out of this mess. they have met at the white house before to try to find some way out of this mess, and every single time they did that, they...
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Dec 27, 2012
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at that point republicans can support a deal without voting for a tax increase, in fact, because tax rates have automatically reset higher, they can say now we're voting for a big tax cut for the broad middle class. >> is that what's going to ensure that speaker boehner is not in danger is it. >> right. i mean, that's where someone earlier said, you know, he's got to figure out whether he's for the country or for his own job. in many ways he's preserving his own job by not pushing a vote by which the only way that vote would get over the legislative would be with a majority of democrats. he doesn't want to do that to preserve his job. once we go over the cliff, we can possibly do more of a bungee jump if we reverse the damage quickly. in that vote republicans don't have to vote for a tax increase, which to me is absolutely ridiculous in terms of serving the economy and the country, but i guess the politics makes sense to some of these guys. >>> jared bernstein, thank you. the storm is coming. look at that storm, the symptom is coming behind you. >> you weren't talking about a fiscal
at that point republicans can support a deal without voting for a tax increase, in fact, because tax rates have automatically reset higher, they can say now we're voting for a big tax cut for the broad middle class. >> is that what's going to ensure that speaker boehner is not in danger is it. >> right. i mean, that's where someone earlier said, you know, he's got to figure out whether he's for the country or for his own job. in many ways he's preserving his own job by not pushing a...
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Dec 28, 2012
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and there will be a look back and they'll correct the tax implications for all of us. but the thing they won't be able to do anything about and that they will actually have to negotiate and get done is the debt ceiling. that is the big thing facing us right now. most likely in the first three weeks of january. >> what makes you give back into the market? what makes you put a position on? >> i think we'll see some panic during the first three weeks of january. i really do. >> a whoosh down and then start fishing. >> yes. i would like to see that same sort of panic that lifts us into the mid 20s for the vix. i don't want to see that folks but when scott is asking me when would i get back in, i'll get back in because i anticipate that panic because as these guys have proved, they said november 16th. we're not going to go to the end of the line to get this thing approved. they've come all the way to the end of the line. they will do the same thing with the debt ceiling and that is why i think we're going to see a pop in the vix. >> what happens with the stock market? what
and there will be a look back and they'll correct the tax implications for all of us. but the thing they won't be able to do anything about and that they will actually have to negotiate and get done is the debt ceiling. that is the big thing facing us right now. most likely in the first three weeks of january. >> what makes you give back into the market? what makes you put a position on? >> i think we'll see some panic during the first three weeks of january. i really do. >> a...
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Dec 24, 2012
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he said the 1 requirement i have for any deal is hiking tax rates. the reason that boehner was not able to do plan b was because it involved breaching the principle, which he did openly and said he was ready to do it. there were conservatives who would not do it. that is not a figure of the party that will be extremely hard to reconcile. if you can not, how you get a deal done before january 1? >> that is essentially the problem the president faced with boehner two years ago. last year. can he deliver? how can you negotiate with someone who cannot deliver on his side? >> you go to people for support, at least three of whom have lost their committee assignments. how can you expect them to come over to your way of thinking? >> they were crowing when john boehner went down, taking some delight, but that was pre- cleared by the leadership. the leadership was with him. this is not a question of -- quite bluntly, leaving and losing their virginity on the issue of tax cuts. it is an important thing for these republicans who have not voted. no republican in
he said the 1 requirement i have for any deal is hiking tax rates. the reason that boehner was not able to do plan b was because it involved breaching the principle, which he did openly and said he was ready to do it. there were conservatives who would not do it. that is not a figure of the party that will be extremely hard to reconcile. if you can not, how you get a deal done before january 1? >> that is essentially the problem the president faced with boehner two years ago. last year....
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Dec 27, 2012
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income taxes are not the only major issues here. we go over the cliff, the tax rate on most capital gains would go from 15 to 20%. dividends would now be taxed like regular income instead of capital ganls. the inheritance tax, that would go from 35% on estates over $5 million to 55% on estates over a million bucks. so a lot of implications here not just on regular income taxes. michelle. >> got it, jackie. good way to lay out the situation. investors acting on their fiscal cliff nerves. this is the first time since the dow has dipped. a deal has been priced in. a lot of people thought something was going to happen. harry reid said we're probably going over the cliff. check out the wall street fear index. they have spiked above 20 for the first time since july. if this is what we're facing, how much worse can the fall get? jackie laid it all out, right? the average individual will have a lot less money to spend and we are a consumer-driven economy. a lot of action down there on the floor. >> people excited. >> is the market acting in
income taxes are not the only major issues here. we go over the cliff, the tax rate on most capital gains would go from 15 to 20%. dividends would now be taxed like regular income instead of capital ganls. the inheritance tax, that would go from 35% on estates over $5 million to 55% on estates over a million bucks. so a lot of implications here not just on regular income taxes. michelle. >> got it, jackie. good way to lay out the situation. investors acting on their fiscal cliff nerves....
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and the estate tax, that was a big sticking point for lawmakers, and now the tax rate goes up to 40% for estates that are valued over $5 million. so if you're under $5 million, you skated there too. other key points are an extension of the long-term unemployment benefits. the renewal of tuition and child care tax credits and then something called the doc fix. it reimburses doctors who take medicare patients. and what about the automatic spending cuts that were supposed to go into effect today? doomsday, yikes. they put those off. but only for two months. that's the plan that the senate stayed up real, real late to accomplish. but it's time for the house to have its say. you didn't think it was over, did you? correspondent dana bash is on capitol hill. she works late shs she works early. she hasn't stopped. this has been a frustrating several weeks for people. it seemed there was some good will. especially with the vote. that's the senate. how different might things be when it comes to the house or do we even have an idea? >> reporter: e we don't have an idea yet. just the fact that t
and the estate tax, that was a big sticking point for lawmakers, and now the tax rate goes up to 40% for estates that are valued over $5 million. so if you're under $5 million, you skated there too. other key points are an extension of the long-term unemployment benefits. the renewal of tuition and child care tax credits and then something called the doc fix. it reimburses doctors who take medicare patients. and what about the automatic spending cuts that were supposed to go into effect today?...
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Dec 29, 2012
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we know the republicans are going to lose the fight of taxes because tax rates are going to go up for every -- the only question is how many people they go up for. so if you already know what the outcome is going to be, the question is how much punishment do they want to take? it is possible that they would wait after january 1. they could say we're going to cut taxes now instead of vote to allow them to go up. gwen: let's move on. because there's one more thing we want to go to. from iran to syria to libya to egypt to israeli, palestinian standoff over gaza, the obama administration's wishes have seldom been.raedpt >> we and the world haveed join in condemning the brutality of the assad regime. >> no one wants to determine what happened that night in benghazi more than the president and i do. >> and this administration has either been guilty of colossal incompetence or engaged in a coverup. >> a red line should be drawn right here. before iran completes the second stage of nuclear enrichment necessary to make a bottom. >> -- bomb. >> i will not keep american es in harm's way a single
we know the republicans are going to lose the fight of taxes because tax rates are going to go up for every -- the only question is how many people they go up for. so if you already know what the outcome is going to be, the question is how much punishment do they want to take? it is possible that they would wait after january 1. they could say we're going to cut taxes now instead of vote to allow them to go up. gwen: let's move on. because there's one more thing we want to go to. from iran to...
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Jan 1, 2013
01/13
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cuts in $41 in taxes. recognizing there will be trouble attracting support for the bill, vice president joe biden returned to capitol hill again today to encourage house democrats to support the compromise he negotiated. after the meeting, the house democratic leaders pushed for up-and-down vote on the package noting it's after the fiscal cliff deadline. >> taxes will go up on everybody in america if we don't act. those who are relying on unemployment insurance, million reconciliation relying up on unemployment insurance to support themselves and their families. if we don't act, we will be at risk. >> the leader emphasizeed bipartisan support up until now. >> a bill passed in the united states senate 89-8. tell me when you have had that on a measure as controversial as this. >> house republicans pushed for quick package arguing it's too late for amendments. >> too late in the game. a point in the deal where it's done, and we keep trying to tinker with it to make it perfect. >> the leadership team were not
cuts in $41 in taxes. recognizing there will be trouble attracting support for the bill, vice president joe biden returned to capitol hill again today to encourage house democrats to support the compromise he negotiated. after the meeting, the house democratic leaders pushed for up-and-down vote on the package noting it's after the fiscal cliff deadline. >> taxes will go up on everybody in america if we don't act. those who are relying on unemployment insurance, million reconciliation...
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Dec 24, 2012
12/12
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leaving washington, president obama urged congress to pass a mini plan that would preserve middle class tax rates. brianna keilar joins us live from hawaii. what do we think will happen as the holiday week rolls out? >> reporter: well, and don, we should probably say where our senate majority leader harry reid and senator mcconnell, the republican leader in the senate, because now all eyes turn to the senate. they're set to come back to town on the 27th. that is thursday. and at this point there are a number of options for some sort of bill that senate majority leader harry reid could put on the floor, but right now it appears democrats in the white house are pushing for something that still concentrates on making sure that income tax rates for those making a quarter million dollars or less don't go up. that said, it's really hard to see how at that rate senator mcconnell might allow some republican senators to support it or that some republican senators would even want to jump on board with that and even harder to see how a bill like that is something that house speaker john boehner would
leaving washington, president obama urged congress to pass a mini plan that would preserve middle class tax rates. brianna keilar joins us live from hawaii. what do we think will happen as the holiday week rolls out? >> reporter: well, and don, we should probably say where our senate majority leader harry reid and senator mcconnell, the republican leader in the senate, because now all eyes turn to the senate. they're set to come back to town on the 27th. that is thursday. and at this...
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Dec 26, 2012
12/12
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CNBC
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, maybe even higher corporate taxes, lower government spending. i mean, that in and of itself is an austerity plan that we're waiting for, isn't it? >> i don't think it's necessarily austerity. the reductions in spending over time can happen over time, the way our government keeps track is over a decade. >> right. >> so we don't need to do it all today, and as far as higher taxes go, there's a group of people who will sign this pledge not to raise taxes, and, you know, more than two-thirds are millionaires who said, you know what, we'll pay more taxes because in the end analysis, the investment we would make in paying more in taxes to get the economy going will return in wealth very quickly if we get the economy back to where it should be. >> there's a very good article on cnbc.com about the possibility that congress might decide to start tax is employer-sponsored health insurance. do you think that's a possibility, and what impact would that have on you? >> everything needs to be on the table. if we're going to have a good solution that gets at o
, maybe even higher corporate taxes, lower government spending. i mean, that in and of itself is an austerity plan that we're waiting for, isn't it? >> i don't think it's necessarily austerity. the reductions in spending over time can happen over time, the way our government keeps track is over a decade. >> right. >> so we don't need to do it all today, and as far as higher taxes go, there's a group of people who will sign this pledge not to raise taxes, and, you know, more...
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Dec 26, 2012
12/12
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extend the tax cuts only for the 250 and below. you kick the sequester down the road, you patch the amt and medicare fix. all that. if the speaker is willing to put that to a vote, i suspect it would pass in the house and we actually could have a compromise before the end of the year. but it would pass with mostly democratic votes. and the likelihood he's going to want to do that seems to me very slim. that's why i think we're probably going over the cliff. now, my hope is that it's more of a bungee jump than a cliff dive. because on the other side there's some dynamics that change such that republicans can vote for a big tax decrease off of what will then be current law. >> jared, you've got a post -- i just want to go back for a moment. while this ping-pong game is going on in washington, you've got a post on your blog showing the real drag this is having on consumer confidence. so, i mean, what can the president do to protect the economy and try to restore some degree of confidence while these negotiations are going on? >> i thi
extend the tax cuts only for the 250 and below. you kick the sequester down the road, you patch the amt and medicare fix. all that. if the speaker is willing to put that to a vote, i suspect it would pass in the house and we actually could have a compromise before the end of the year. but it would pass with mostly democratic votes. and the likelihood he's going to want to do that seems to me very slim. that's why i think we're probably going over the cliff. now, my hope is that it's more of a...
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Dec 24, 2012
12/12
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tax rate. it is humongous. gerri: we talk about people rushing to the year-end, what other kind of impact does that have? >> it's making everyone scramble on every part of everybody. the banks from everybody trying to get ahead of everyone else to get the closing schedules. getting all the paperwork in order. gerri: is every attorney throughout the country, every re estate broker -- are they running to meet this deadline? >> i'm talking about being on the phone at 2:00 a.m. and 3:00 a.m., all night. my counterparts in los angeles are telling me that they are in for the same thing. gerri: on a i kkow a lot of people are thinking about selling. obviously, the fiscal cliff is now in play. but they still can derail themselves. >> yes, i have been involved when it does. one of the big things is if financing falls through. gerri: what you seeaking these deals are part? >> financing is the number one cause. back in the headache. most of the appraisers are coming in under what they should be. so that's
tax rate. it is humongous. gerri: we talk about people rushing to the year-end, what other kind of impact does that have? >> it's making everyone scramble on every part of everybody. the banks from everybody trying to get ahead of everyone else to get the closing schedules. getting all the paperwork in order. gerri: is every attorney throughout the country, every re estate broker -- are they running to meet this deadline? >> i'm talking about being on the phone at 2:00 a.m. and 3:00...